Tax-Time

The Office
1

Hey guys,

what do you guys do for taxes?

I was looking into turbotax for home/business, about $99-$139. Any experiences with this or similar programs?

Also was looking at taxactonline which is about $20, but I’m afraid I will miss out on some deductions and stuff.

I don’t think I’m in need of an accountant at this point, maybe next year…

Also, I file through my ss#, but next year will have a F.id.#.

Got married in June and will file jointly with my wife, but not much experience with this stuff.

Lastly, who has been audited before? Any experiences or lessons that you want to share would be appreciated…

2

I used turbotax.com, but the online version and thought it was great! You don’t pay anything until you file, so if you get into it and don’t like the feel of it, you’re not out anything like you would be if you bought the CD at the store.

This was my first year in business and it helped me write off almost everything.

The audit risk meter is a nice feature also. It showed that I was at almost no risk of audit.

I also like that it shows you how each decision effects your amount owed as you’re going through it.

It was easy to use even though I:

Quit a job
Started a business
Liquidated my 401k (paid the penalty and tax upfront)
etc.

Obviously, I’d highly recommend it.

3

knowing what you know about the program, would you have bought the cd rom version or would you do the online version?

4

did some researching online and I think I can answer my own question…
http://www.software.com/page/124/turbotax-online-vs-turbotax-desktop-what-are-the-differences-/

5

I have an accountant, and I track the day to day activities of my business by using quickbooks. I haven’t been audited yet.

6

I used turbo tax this year, but I just got an accountant so next year will be different

7

I use to “Schedule C” with Turbo Tax and all that. 3 years and 3 audits later I learned it PAAAAYYYS to hire a professional.

I do the s corp thing and have a cpa look it all over. I have a relative that is a cpa and she indicated (after we were audited) that self employment is flagged by the IRS for audits (not all the time, but we never know when they decide to pull a batch).

8

I have an accountant -does personal and business, i use quickbooks to track invoices, sales,etc…and anytime deluxe calender system to keep track of who/when/where …never been audited…i hope i didnt jinx myself…i’ve done it b4 with speeding tix…“oh I never get a speeding…”

9

yo Kris,

just hire a bookeeper, it should only cost you around $125.00

that is for your business and personal taxes.

btw, i hope you are making quartarly estimated taxes, or you will/might get penalized from the irs

10

I don’t know how it works in the US. But you can make annual payments, until your tax payment for the year surpassess a certain amount. Then the government might make it mandatory to pay quarterly installments.

So far, I’m still doing it annually.

11

Turbo tax sucks! Last year I had to pay 3000 dollars…Im small, thats alot for me!

This year I hired an accountant…well, a tax guy who another window cleaner friend of mine recommended, and this year I am only paying…get this…GULP…
240.00$

[SIZE=“7”]Thats what Im talkin about![/SIZE]

I know I know, but I can prove every dime…I use quickbooks too baby!!

12

What makes you think Turbo Tax was the issue last year?

13

I dont know that it was.

I just dont like it.

With the guy I hired he was able to fit alot more deductions in that either I just couldnt find in Turbo Tax, or it wouldnt let me. I find that its easier to hire someone and I dont need to beat me head against the keyboard.

Plus, I am growing…and I am paying less.

14

can tax services not do this when we do our personal taxes? seems like they would know what you could or couldn’t claim as a deduction in a business.

15

+1 Just used TurboTax online and it was the easiest return I’ve ever filed. $79.95

Edit: Damnit. This threads a year old.